Embattled Walt Disney Co. Chief Executive Michael Eisner on Wednesday was stripped of his role as chairman, but kept his position as chief executive even after 43 percent of shareholders voted against him in an unprecedented protest.
Convening in Philadelphia after a stormy annual meeting, Disney's board said it had elected former U.S. Senator George Mitchell as the company's chairman. It said 61-year-old Eisner had its unanimous backing as Disney's top executive after a shareholder vote widely seen as a rebuke to his leadership. The vote sent shock waves through corporate America and marked the strongest such protest against an incumbent chief executive ever, signaling Disney's concession was unlikely to satisfy shareholders campaigning for Eisner's removal.
News source: Reuters